Coming soon? Deal for new hotel at The Banks

This portion of The Banks development in Cincinnati will be home to more than $150 million in investments with General Electric Co.'s new office building and nearly 300 apartments and 20,000 square feet of retail being built.(Photo: The Enquirer/Gary Landers)

The Banks development in Cincinnati may be as close as its ever been to landing a hotel.

Discussions with hotel developers and brands are continuing, but a deal could be announced as early as this fall, said Tom Gabelman, Hamilton County's lawyer for The Banks development.

City and county officials and leaders of Cincinnati's professional sports teams have coveted a hotel for the mixed-use site for years. Since 2007, The Banks' development focus has been on making The Banks into a 24-hour-a-day, seven-day-a-week community that offers the chance to live, work and play in downtown Cincinnati.

"We've been working on trying to bring the right hotel to The Banks and the city," Gabelman said. "At this point, we're within maybe 60 to 90 days for an announcement for a hotel." Gabelman spoke to The Enquirer after General Electric's press conference at the Atrium Two building in downtown Cincinnati.

Hamilton County Commissioner Greg Hartmann also said the announcement could be made within three months. The Banks' development team is "actively working on pursuing a hotel," said spokeswoman Libby Korosec. She declined to elaborate on where the group is in the process.

A letter of intent hasn't been signed and the city and county haven't approved the hotel flag or the developer.

Among the reasons there's growing confidence is the planned development of GE's new $90 million office building between the National Underground Railroad Freedom Center and Paul Brown Stadium. Hartmann said it allows the county and development team to be "more aggressive in marketing the site."

GE and government officials have said between 1,800 and 2,000 employees could work at the new Banks building. While a portion of GE's jobs are coming from other places in Ohio, Gabelman said all of them are new to Cincinnati.

The 10-story office building will be built on the same "pad" as a $67 million, nine-story building featuring 291 apartments and 20,000 square feet of retail space. Both buildings are expected to be completed in 2016. Construction has started on the apartment building and is expected to begin later this summer for the office building.

Gabelman said AC Hotel by Marriott is among the urban hotel flags that would be attractive to leaders involved in The Banks' development. Hartmann said no decision has been made on a specific hotel brand.

"We definitely want an upscale hotel here," Gabelman said.

Marriott had a deal with a developer to locate an AC Hotel at the Pendleton building that once housed Woodward High School and eventually the School for Creative & Performing Arts. Although that deal is now dead, the hotel brand may still be interested in a site in Cincinnati's urban core. A Marriott representative could not be immediately reached for comment.

Phil Castellini, chief operating officer of the Cincinnati Reds, said Tuesday that GE's office building will inspire future developments including office buildings and potentially two hotels. Gabelman said there are multiple spots where a hotel could be located at The Banks, including one spot just west of Great American Ball Park.

The next phase of development at The Banks will focus on four spots now serving as parking lots near the Bengals' home. Gabelman said higher parking revenues, largely from GE workers, will allow the county to issue bonds to spur infrastructure development.

Bengals owner Mike Brown said Tuesday he'd support further development of The Banks, but he wants to ensure parking is preserved for stadium tailgaters.

Another long-range plan that's being dusted off from discussions years earlier is capping Fort Washington Way, said Gabelman and Jeff McElravy, interim director of Cincinnati's trade and development department.

Covering Fort Washington Way and creating pedestrian-friendly plazas was one of the recommendations made in 1999 by the Cincinnati Riverfront Advisory Commission. Cincinnati City Council and Hamilton County commissioners formed the group to study development possibilities in the southern portion of the central business district and the riverfront.

The plazas were envisioned as a way to create better connections between the city's central business district and the riverfront. Gabelman and said talks about that project are still in very early stages, but the energy brought by GE's announcement is unlocking many development conversations.